The stock market is not the economy in an important way 🌎

Plus a review of the macro crosscurrents 🔀

The S&P 500 is a global story. (Source: FactSet)

The U.S. economy is closely related to the U.S. stock market. But that relationship is not perfect in a number of ways.

An important way the two differ is international exposure.

According to FactSet, S&P 500 companies¹ generate around 40% of revenue outside of the U.S.² That means these companies are signific…